Interested in DIY to Fix Credit
You are the "DIY" sorts and like to be hands on while trying to repair things in your life. Well, here is the good news. You don't need to be a financial whiz kid to fix credit lines. You just need to polish your knowledge with respect to credit scores and how they work and you will be surprised at how easily you can fix your score yourself.
Follow these steps and chances that you will go wrong are pretty slim.
1. Know your report: There are three main credit reporting bureaus namely, Experian, Equifax and TransUnion. It is possible to get a free copy of your report from each of these bureaus. Of course the learned will ask why it is important to get the report from all three agencies. Well the answer lies in the fact that all three can actually give you very different scores since they base their scoring on the information they receive about your credit history. Most issuers pass on information only to the bureau they are affiliated with and hence this can reflect on the score line generated.
2. Proofread your reports: Errors are not uncommon in credit reports and since this can greatly impact your score it is very important to peruse every line item to look for any inaccurate or incomplete information, typing errors or information which is not up to date.
3. Dispute: If you find an error then make sure you either fill out the form which comes with the report or simply write a letter detailing every point of dispute. A good habit is to mail a copy of your credit report with the disputed line items encircled. The credit bureau must resolve disputes within a 30 day time frame and any correction is updated on your report and a copy mailed to you.
4. Document: Being meticulous is a must if you want to manage things yourself. Make sure that you file your annual credit reports, any letters to the bureau, their responses and any other related literature since this can prove to be invaluable in posterity.
5.Do away with debt: Debt is a bad word and stay away from it by adopting the following measures:
a.Spend less than what you earn
b.Use surplus money to pay off debt
c.Ask your creditor for a reduced monthly payment or a rearrangement of payment dates to ensure timely repayment
d.If you can't pay during any month reach out to your creditors and try to persuade them for reporting your lapse
Follow these steps and chances that you will go wrong are pretty slim.
1. Know your report: There are three main credit reporting bureaus namely, Experian, Equifax and TransUnion. It is possible to get a free copy of your report from each of these bureaus. Of course the learned will ask why it is important to get the report from all three agencies. Well the answer lies in the fact that all three can actually give you very different scores since they base their scoring on the information they receive about your credit history. Most issuers pass on information only to the bureau they are affiliated with and hence this can reflect on the score line generated.
2. Proofread your reports: Errors are not uncommon in credit reports and since this can greatly impact your score it is very important to peruse every line item to look for any inaccurate or incomplete information, typing errors or information which is not up to date.
3. Dispute: If you find an error then make sure you either fill out the form which comes with the report or simply write a letter detailing every point of dispute. A good habit is to mail a copy of your credit report with the disputed line items encircled. The credit bureau must resolve disputes within a 30 day time frame and any correction is updated on your report and a copy mailed to you.
4. Document: Being meticulous is a must if you want to manage things yourself. Make sure that you file your annual credit reports, any letters to the bureau, their responses and any other related literature since this can prove to be invaluable in posterity.
5.Do away with debt: Debt is a bad word and stay away from it by adopting the following measures:
a.Spend less than what you earn
b.Use surplus money to pay off debt
c.Ask your creditor for a reduced monthly payment or a rearrangement of payment dates to ensure timely repayment
d.If you can't pay during any month reach out to your creditors and try to persuade them for reporting your lapse
Source...